Britain urged to follow Norway as it restarts North Sea drilling licences
The Conservatives and Reform UK said Ed Miliband, the Energy Secretary, should rethink a ban on new oil and gas licences as Norway opens the basin to exploration for the first time since 2021.
Norway became Britain's primary source of gas last year as UK output shrank in the wake of the windfall tax and a ban on new licences.
The latest move is likely to see Norway sell even more supplies to the UK after its energy minister, Terje Aasland, said new licences would allow it to be 'a long-term supplier of oil and gas to Europe'.
Announcing the licencing round – which will cover the northernmost Barents Sea, the Norwegian Sea and the North Sea – Mr Aasland said: 'The Norwegian continental shelf will continue to create value and jobs for our country.
'The oil and gas industry is knowledge, expertise and technology intensive. Increased activity in this industry also has positive effects on other industries and parts of our society.
'It means oil and gas are the engine of the Norwegian economy, and I am convinced that the Norwegian continental shelf has a bright future. There are many exciting development projects underway and there is great interest in the licencing rounds. This contributes to new investment opportunities and profitable jobs.'
The decision represents a reversal of the oil-rich nation's previous policy of pausing new exploration in frontier regions. These will be its first new licences in such locations since 2021.
The Norwegian ministry of energy said it was now consulting with energy companies on which 'frontier' areas would be opened for exploration. Under the scheme, companies which already have licensees will be allowed to nominate new exploration areas anywhere on the Norwegian continental shelf – including the North Sea, only excluding areas already in production.
Andrew Griffith, the shadow business secretary, said the Government must follow its Nordic neighbour to boost the economy, bring down bills and create more jobs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
an hour ago
- The Guardian
Farage adviser said UK would be better off if it had not fought Nazi Germany
An adviser used by Nigel Farage and others in Reform UK to boost their social media popularity has suggested that Britain would be better off had it stayed neutral in the second world war instead of fighting Nazi Germany. Jack Anderton, who ran Farage's hugely successful TikTok account before helping Luke Campbell become the Reform mayor of Hull and East Yorkshire, also said the UK should not support Ukraine in its fight against Russian aggression. In a post on his personal blog about Britain's international standing, Anderton said that in a future world of 'meritocracy', the UK could 'regain' former colonies such as Australia, Canada and South Africa. He added that the UK should copy the policy of mass incarceration carried out by El Salvador's president, Nayib Bukele, widely condemned as an abuse of human rights. Anderton has never been employed by Reform but the 23-year-old established Farage on TikTok, where he now has 1.3m followers, before working closely on Campbell's election campaign. He remains a central part of Campbell's circle, and the mayor is known to have made efforts to get him on to his roster of staff, which have been thwarted because he cannot have political appointees. Anderton's personal blog, titled Britain Needs Change, includes an entry from last year about what he called 'a self-interested British foreign policy', arguing that the only conflict in the last century that was in the UK's interest was the Falklands war. 'Trillions of pounds of British taxes have been spent in foreign lands in the pursuit of 'democracy', 'human rights' and 'doing what is right',' the post said. 'More than a million British lives have been lost since WW1 in wars and battles that have never once been fought by British men, on this island.' Fighting in both the world wars ensured the UK was no longer a great power, he wrote: 'We impoverished ourselves for decades, we didn't finish paying the loans off to America until 2006. Our economy stagnated, we lost an empire, and we are pushed around by America. And Germany, a country we beat, has been richer than us since the 1970s. 'Alternative history is interesting; if Britain had not fought in WW1 and WW2, it would not have had to rely on America for economic support, and it would have had the independence to act accordingly. Britain could have developed India, Cyprus, Fiji, Malta, Saint Lucia, Seychelles, the Bahamas, Australia, Canada, South Africa, Ireland and New Zealand. In the coming meritocracy, perhaps Britain could regain some of these nations.' The same post also argues against providing support for Ukraine after Russia's invasion: 'We are sending billions of pounds (that we cannot afford) to prop up a country that we have no allegiance to. Russia is not our enemy, they have not attacked Britain.' Anderton calls for a shake-up of the Foreign Office so that all decisions are made purely on the basis of whether or not they benefit Britain: 'Instead, what we have are people who should be working for the UN or a charity rather than working in the British Foreign Office.' In another post from 2024, on crime, Anderton enthusiastically endorses the policies of Nayib Bukele, who has dramatically cut gang violence and wider crime through mass detentions that have put 2% of El Salvador's population in prison. 'Extraordinary times require extraordinary measures,' he wrote. 'I'd even argue the measures aren't that extraordinary and should be in place in times of normalcy. 'El Salvador is perhaps a lesson for those in Britain who wish to take back control of their country. Power works, and it is all that matters. State power when used effectively is basically omnipotent. The meritocracy will be established, criminals and corrupt officials will be jailed, immigration will drop to zero, houses will be built, and our citizens will once again feel proud of the country they call home.' Anderton was contacted for comment. Campbell's office referred the matter to Reform UK, who said Anderton was not employed by either the party or the mayor.
Daily Mail
an hour ago
- Daily Mail
Which of the record-breaking big four can you bank on for the healthiest profits? Investing expert Joanne Hart reveals all
It was all supposed to be different. When feisty newcomers such as Metro, Revolut and Monzo burst on to the British banking scene, there were high hopes for change. These new kids on the block would upend the traditional order and give the 'big four' – Barclays, HSBC, Lloyds and NatWest – a run for their money. Some 15 years later, however, and the Big Four are still very big – and growing bigger. They hold more than 60 per cent of all bank deposits, enjoy a chunky share of the mortgage market and dominate business lending too. Having closed thousands of branches and slashed staff numbers, they are also making record profits and there could be more growth to come.
The Sun
an hour ago
- The Sun
Poundland is shutting 15 stores in just HOURS after unveiling tranche of closures – is one going near you?
POUNDLAND will be shutting a further 15 stores in a matter of hours in another tranche of closures for the budget retailer. This comes after the beloved British store confirmed it would be shuttering 48 locations this month. 2 2 Huge clearance sales have been well underway this week, with shoppers bagging items for as little as 50p ahead of the closures. Tomorrow, 15 branches are expected to permanently cease trading, in what is a massive blow for its customers and for UK high streets. The closures come as Polish owner Pepco Group sold Poundland to a US investment firm Gordon Brothers for £1 after a downturn in trading. Major restructuring plans have followed which include the closure of a whopping 68 stores by mid-October. Among the stores closing tomorrow are branches in Sunderland, Poole, and Falmouth. Other sites across Newcastle, Coventry and Canterbury will also cease trading later this month. These closures follow the shuttering of ten stores earlier this month. Darren MacDonald, retail director at Poundland, said: "While our anticipated network of around 650-700 stores remains sizeable, it is of course, sincerely regrettable that we're closing a number of stores to allow us to get us back on track. "We entirely understand how disappointing it will be for customers when a store nearby closes, but we look forward to continuing to welcome them to one of our other locations. "Work is underway to with colleagues through a formal consultation process in stores scheduled to close, exploring any suitable alternative roles." Poundland to be sold for JUST £1 as frontrunner for shock takeover is revealed after wave of store closures The following Poundland stores will close permanently on August 17: Bedford Bidston Moss Broxburn Craigavon Dartmouth East Dulwich Falmouth Hull St Andrews Newtonabbey Perth Poole Sunderland Stafford Thornaby Worcester An additional 12 locations will shut on August 24: Brigg Canterbury Coventry Newcastle Kings Heath Peterborough Peterlee Rainham Salford Sheldon Wells Whitechapel Finally, on August 31, the following branches will also close: Blackburn Cookstown Erdington Kimberley Kimberley Shopping Centre, Nottingham Horsham Hull Holderness Kettering Omagh Shepherds Bush Southport Taunton Currently, Poundland operates 800 stores nationwide, but the company hopes to significantly reduce this number to between 650 and 700. This includes the 68 stores closing as part of the restructuring, as well as additional stores shutting when leases expire and are not renewed. These restructuring plans were outlined in June by the investment firm Gordon Brothers. This came after the company was sold to the firm that month as part of a deal that included major restructuring and an £80million cash injection. Plans include the shuttering of a total of 68 sites, as well as the closure of its frozen and digital distribution centre in Darton, South Yorkshire, later this year. The firm also plans to shut its national distribution centre in Bilston, West Midlands, by early 2026. Poundland will also stop selling products online and focus on expanding its womenswear and seasonal ranges. These changes, except for the 49 store closures, are still subject to High Court approval later this month. Poundland was put up for auction in March by its previous owner, Pepco, after the brand experienced weak sales. The Polish company reported a 6.5% decline in Poundland's revenue, dropping to £830million for the six months to March compared to the previous year. Pepco cited "highly challenging trading conditions" for the drop, with Poundland facing struggles across all product categories and experiencing 18 net store closures during that period. Why are retailers closing stores? RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis. High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going. However, additional costs have added further pain to an already struggling sector. The British Retail Consortium has predicted that the Treasury's hike to employer NICs from April will cost the retail sector £2.3billion. At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." It comes after almost 170,000 retail workers lost their jobs in 2024. End-of-year figures compiled by the Centre for Retail Research showed the number of job losses spiked amid the collapse of major chains such as Homebase and Ted Baker. It said its latest analysis showed that a total of 169,395 retail jobs were lost in the 2024 calendar year to date. This was up 49,990 – an increase of 41.9% – compared with 2023. It is the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the COVID-19 pandemic, which forced retailers to shut their stores during lockdowns. The centre said 38 major retailers went into administration in 2024, including household names such as Lloyds Pharmacy, Homebase, The Body Shop, Carpetright and Ted Baker. Around a third of all retail job losses in 2024, 33% or 55,914 in total, resulted from administrations. Experts have said small high street shops could face a particularly challenging 2025 because of Budget tax and wage changes. Professor Bamfield has warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
